Hobart Private Capital LLC Purchases 2,202 Shares of Bank of America Corporation $BAC

Hobart Private Capital LLC raised its position in shares of Bank of America Corporation (NYSE:BAC) by 44.4% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,159 shares of the financial services provider’s stock after purchasing an additional 2,202 shares during the period. Hobart Private Capital LLC’s holdings in Bank of America were worth $339,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of BAC. Deutsche Bank AG raised its position in shares of Bank of America by 45.1% in the 1st quarter. Deutsche Bank AG now owns 48,112,090 shares of the financial services provider’s stock worth $2,007,718,000 after acquiring an additional 14,960,086 shares in the last quarter. Unisphere Establishment raised its position in shares of Bank of America by 1,642.5% in the 1st quarter. Unisphere Establishment now owns 4,195,000 shares of the financial services provider’s stock worth $175,057,000 after acquiring an additional 3,954,250 shares in the last quarter. Kingstone Capital Partners Texas LLC bought a new position in shares of Bank of America in the 2nd quarter worth $164,623,000. Maverick Capital Ltd. bought a new position in shares of Bank of America in the 1st quarter worth $152,098,000. Finally, AMF Tjanstepension AB raised its position in shares of Bank of America by 62.9% in the 2nd quarter. AMF Tjanstepension AB now owns 8,904,561 shares of the financial services provider’s stock worth $421,564,000 after acquiring an additional 3,438,876 shares in the last quarter. 70.71% of the stock is owned by institutional investors.

Insider Activity at Bank of America

In other news, insider James P. Demare sold 148,391 shares of the company’s stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the sale, the insider owned 223,407 shares in the company, valued at $10,180,656.99. This represents a 39.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.30% of the stock is owned by insiders.

Bank of America Stock Up 1.3%

Bank of America stock opened at $52.44 on Friday. Bank of America Corporation has a fifty-two week low of $33.06 and a fifty-two week high of $52.88. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The company has a market cap of $388.38 billion, a PE ratio of 14.29, a PEG ratio of 1.96 and a beta of 1.33. The business’s 50-day simple moving average is $50.58 and its two-hundred day simple moving average is $46.31.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.13. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm had revenue of $28.09 billion for the quarter, compared to the consensus estimate of $27.05 billion. During the same quarter in the prior year, the business earned $0.81 earnings per share. The company’s revenue was up 10.8% compared to the same quarter last year. Equities analysts anticipate that Bank of America Corporation will post 3.7 EPS for the current year.

Bank of America announced that its Board of Directors has approved a share repurchase program on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 11.1% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.

Bank of America Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, December 5th will be paid a $0.28 dividend. The ex-dividend date is Friday, December 5th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.1%. Bank of America’s dividend payout ratio is presently 30.52%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. UBS Group boosted their price target on Bank of America from $55.00 to $57.00 and gave the stock a “buy” rating in a research report on Tuesday, October 7th. HSBC upped their target price on Bank of America from $51.00 to $53.00 and gave the company a “hold” rating in a research report on Thursday, October 2nd. Daiwa Capital Markets upped their target price on Bank of America from $54.00 to $58.00 and gave the company an “outperform” rating in a research report on Wednesday, October 8th. TD Cowen upped their target price on Bank of America from $59.00 to $61.00 and gave the company a “buy” rating in a research report on Thursday, October 16th. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $58.00 target price (up from $57.00) on shares of Bank of America in a research report on Thursday, October 16th. Twenty-three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $57.23.

Bank of America Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.